Trump announces further tariffs on $200 BILLION of Chinese goods

The administration earlier this month floated the idea of talks led by Treasury Secretary Steven Mnuchin, with Chinese Vice Premier Liu He expected to lead the Beijing delegation.

White House economic adviser Larry Kudlow announced during an interview on Monday that President Donald Trump would likely be imposing new tariffs on a "couple hundred billion" worth of imports from China.

The Chinese government's top diplomat, State Councillor Wang Yi, will visit NY this week for the annual United Nations General Assembly, Beijing announced on Monday.

The rate is less than half of the 25 percent level the administration had initially been considering.

The US has already imposed tariffs on $50bn (£38bn) on Chinese imports.

The value of targeted Chinese items could be lowered to US$180 billion in this round, depending on what's excluded from the final list of products, according to one of the people.

"But, so far, China has been unwilling to change its practices". The White House had no immediate comment on Monday.

American industry has come out strongly against Trump's tariffs, saying cost increases could raise prices for consumers.

The S&P 500 index fell 16.18 points, or 0.6 per cent on Monday US time, while the Dow Jones Industrial Average lost 92.55 points, or 0.4 per cent.

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Chinese chemical inputs for manufacturing and textiles and agriculture eliminated from tariff list.

US stock futures edged lower amid investor concerns a heightened trade war will crimp corporate profits and undermine economic growth. The S&P 500 index was down less than 1 per cent at 11:00 a.m.in NY on Monday.

In a September 5 letter to U.S. Trade Representative Robert Lighthizer, Apple asked that the tariffs be reconsidered, adding that they "increase the cost of our U.S. operations, divert our resources and disadvantage Apple compared to foreign competitors". He warned of further levies.

"We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations toward free trade, to reduce tariffs and non tariff barriers, to open markets and allow the most competitive economy in the world - ours - to export more and more goods and services to China", Kudlow said.

In April, when Trump threatened tariffs on another $100 billion of Chinese goods, then seen as a major escalation, China responded by saying it would not conduct talks "under these conditions".

Last week, Beijing said it welcomed overtures from United States officials offering to re-start trade talks, but press reports indicate China would call off any meetings if the new punitive duties take effect.

US officials, led by the Treasury Department, have invited their Chinese counterparts to more talks on trade.

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